ASIC has written to superannuation trustees to remind them about the disclosure requirements associated with undertaking mergers and consolidation activity.

ASIC requires trustees to ensure members are adequately informed about the changes and what these changes may mean for them.

Trustees are required to:

• inform members about the merger, as it is a significant event; and
• provide Product Disclosure Statements (PDSs) to transferring members that explain the product the member will hold following the merger.

Prospective members should also be catered for with PDSs provided for the current fund explaining the merger.

Bright Law can help draft disclosure documents.